FAQ

There are no obligations when you apply for a loan with LendingTeamUSA. The on-line loan application is authorization for our loan experts to contact you and help determine the best financing for your situation.

Rates depend on many factors. Credit is one factor. Other factors include the amount of equity in the property, the level of income documentation provided and the debt level compared to income. The final interest rate is a reflection of all these factors.

Down payment and credit score requirements are constantly changing. Our loan officers keep up to date on these changes and will help determine how much to put down. If you are self employed you should expect to document 2 years of self-employment for the lowest rates and down payment.

Private Mortgage Insurance (PMI) is typical on loans originated at over 80% of property value. To avoid PMI we can do two separate loans (known as a combo) where we keep the first mortgage at 80%. We also offer “No MI” loans and “Lender Paid MI”.

Interest rate is the annualized rate you are paying on your outstanding mortgage balance. Annual Percentage Rate (APR) is an adjusted rate that takes closing costs and mortgage insurance into account. APR was designed to help you choose between different loan options and lenders.

If you are satisfied with your loan terms after the initial application, we ask for a small loan commitment fee ($199). We charge this fee in lieu of many fees charged by other lenders (Credit Report, Courier, Automated Underwriting, etc.). We also ask that you pay for the appraisal on your property. Some loan programs require additional expenses like a pest inspection. If your loan requires any additional up front charges we will notify you at the time of application.

There are no obligations when you apply for a loan with LendingTeamUSA. The on-line loan application is an authorization for one of our loan experts to contact you and help determine the best financing for your situation. We intend to earn your business and this is the first step.

Rates depend on many factors. Credit is one of those factors. Some other factors include the amount of equity in the property, the level of income documentation provided and the debt level you have as compared to income. Until we understand the structure of your specific loan and the loan is approved, the interest rate can only be estimated. Our goal is to provide you with the lowest interest rate possible so we can earn the business of you and your friends in the future.

With the recent upheavals in the credit markets down payment and credit score requirements are constantly changing. Our loan officers keep up to date on the market conditions and will help you determine how much money you need to put down. If you are self employed you should expect to document 2 years of self-employment for the lowest rates and the lowest down payment.

Private Mortgage Insurance (PMI) is typical on loans originated at over 80% of property value. To avoid PMI we typically do two separate loans (known as a combo) where we keep the first mortgage at 80%. We also offer “No MI” loans and “Lender Paid MI”. The loan that is best for you depends on your specific situation.

Interest rate is the annualized rate you are paying on your outstanding mortgage balance. Annual Percentage Rate (APR) is an adjusted rate that takes closing costs and mortgage insurance into account. APR was designed to help you choose between different loan options and different lender.